A Good Day In The Dairy Markets
Product prices brought smiles to dairymen’s faces today as butter rose a quarter cent in the CME spot trade to finish at $2.2175 per pound after two loads traded hands. Block cheese was the leader rising three and a half cents to $1.575 per pound, five loads traded. Barrels followed suit moving 2.5 cents higher to $1.525 per pound maintaining the 5 cent spread that's been present throughout the week.
Grade A nonfat dry milk was the lone dissenter, moving a half cent lower to 69 cents, seven loads move from sellers to buyers. The dry whey market that came to be on Monday found some bids and offers in Wednesday's trade. However, it did not realize any actual trades. It did move a penny and three quarters higher to 28 cents.
The nearby contracts of Class III responded in a typical fashion with April milk rising 22 cents to $14.05 per CWT, May milk was up 12 cents to $14.09. As we move further through the year and out into the first quarter of 2019, prices actually took a different direction finishing 2 to 3 cents lower in each of those months.
Elsewhere, rains in Argentina dampened the spirits of traders as prices fell there. Corn finished down two to three cents with soy beans dropping 14 to 15 cents and meal prices retracting $4 to $5 a ton of their recent rally.